Notable & Quotable

John H. Cochrane in the Hoover Digest on the Federal Reserve becoming a financial czar.

Feb. 18, 2013 6:54 p.m. ET

Prof. John H. Cochrane, writing in the Jan. 25 issue of the Hoover Digest:

Momentous changes are under way in what central banks are and what they do. We're accustomed to thinking that central banks' main task is to guide the economy by setting interest rates. Their main tools used to be "open market" operations, that is,...